While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
As you are most likely aware, the metals, along with FCX have been on quite a run since the election.
Because of this, I am going to suggest you collect some cash against the FCX position.
My suggestion today is to Sell to Open (1) November 25th - $14 call for every 100 shares you own.
The November 25th - $14 calls can be sold for $.30 per contract.
These are the calls that expire next Friday, after Thanksgiving.
We also gain the benefit of one day premium erosion because the markets will be closed next Thursday.